HL Bands Indicator
Info
The HL Bands Indicator is a Indicator for MetaTrader 5 that the hl bands indicator is a versatile tool for visualizing price levels on the chart. It displays the open, high, and low values of a specified period, offering two display modes:- High/Low- Open/CloseAdditionally, it provides two update modes:- Update at the opening of the bar: Levels are updated only at the start of the selected period, remaining static for the entire duration.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use HL Bands Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The HL Bands indicator is a versatile tool for visualizing price levels on the chart.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Trading Session Boxes Indicator for MT4/MT5 - another powerful indicator for MetaTrader 5 traders.
The HL Bands indicator is a versatile tool for visualizing price levels on the chart.Also recommended: ICT Kill Zones Indicator: Asian, London, New York in New York Time (2026) - similar indicator with strong performance on MetaTrader 5.
It displays the open, high, and low values of a specified period, offering two display modes:
- High/Low
- Open/Close
Additionally, it provides two update modes:
- Update at the opening of the bar: Levels are updated only at the start of the selected period, remaining static for the entire duration.
- Always update: Levels dynamically adjust as the price moves, ensuring the minimum and maximum values are always displayed.
The indicator's parameters include:
- Bands Period: The timeframe for level display.
- Bands Update: Update mode selection.
- Bands Applied Price: Choose between displaying high/low or open/close levels.
Fig. 1: D1 period on H4 chart, High/Low levels, 'Always' update mode.
Fig. 2: D1 period on H4 chart, High/Low levels, update at the first bar of the period.
Fig. 3: D1 period on H4 chart, Open/Close levels, 'Always' update mode.
Fig. 4: D1 period on H4 chart, Open/Close levels, update at the first bar of the period.
You may also like: Spread Monitor Indicator for MetaTrader 5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.